New Guinea Gold Corp. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012 and Operating Results for the Third Quarter Ended September 30, 2012; Provides Production Guidance for the Full Year 2012; Appoints of Brian Koster as Chief Operating Officer
For the nine months, the company reported loss before tax of $7,321,245.
For the quarter, the company's Sinivit gold production was 683 ozs compared to 1,711 ozs in the same period from the previous year. Silver production was 297 ozs compared to 731 ozs for the same period last year. Gold production from the mine was down on the same period from the previous year, primarily due to the fact that mining was suspended in May, with current gold production relying on previously mined ore. Further, the ore processed during the quarter continues to be of a lower grade, although there have been spikes in purity levels during the period.
Full-year production is down on the prior year due primarily to the fact that the Sinivit site was occupied by local landowners in December 2011. The mine was closed for a period of three weeks and production was effectively halted for a period of two months as a result of the occupation.
The Company announced the appointment of Mr. Brian Koster as chief operating officer. Mr. Koster has over 20 years mining experience in throughout Australia, Africa, Indonesia, Fiji and Papua New Guinea and most recently served as vice president exploration for PNG Gold Corporation.